Turkish lira weakens slightly

ISTANBUL: The Turkish lira weakened slightly on Tuesday, standing at 6.4700 to the dollar at 0522 GMT, down almost 0.1 percent from the previous day’s close.

The lira TRYTOM=D3 has lost more than 40 percent of its value this year on concerns over President Tayyip Erdogan’s grip on monetary policy and, more recently, over a diplomatic row between Ankara and Washington.

Investors are focused on the central bank’s rate-setting meeting on Thursday. They have said a sharp rate hike is required but that the bank might not be able to meet market expectations partly because of Erdogan’s antipathy to higher borrowing costs.

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